The following graph shows the market equilibrium for corn in the United States. If the world price of corn is $6 and there are no trade restrictions, the United States will:
Figure 19.1
A) produce 7,000 bushels of corn, consume 3,000 bushels of corn, and import 4,000 bushels of corn.
B) produce 7,000 bushels of corn, consume 3,000 bushels of corn, and export 4,000 bushels of corn.
C) have an excess demand for corn.
D) produce 3,000 bushels of corn, consume 7,000 bushels of corn, and import 4,000 bushels of corn.
E) produce 3,000 bushels of corn, consume 7,000 bushels of corn, and export 4,000 bushels of corn.
Correct Answer:
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